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Japan’s richest man lost $1.4 billion in 1 day due to ‘warm weather’

Tadashi Yanai (AP)

While many Americans may not be familiar with the wealthiest man in Japan, billionaire Tadashi Yanai, they likely know the colorful clothing brand Uniqlo, which has aggressively expanded into the US in its quest to take on H&M and other fast-fashion chains.

Yanai is the CEO of Fast Retailing, which owns Uniqlo (along with J Brand, Theory, and others). And on Friday, Yanai lost an eye-popping $1.4 billion in paper wealth.

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The reason? Uniqlo reported that its same-store sales declined 5% in December. That report led shares of Fast Retailing (FRCOY) to drop nearly 7% in one day. Uniqlo makes up about 80% of Fast Retailing’s revenue, and Yanai’s wealth comes from his stock holdings in Fast Retailing.

As a result of Fast Retailing’s stock drop, Yanai slipped six slots on the Bloomberg Billionaires Index to No. 44 in the world, with an estimated $17.7 billion. It is the biggest fall for any billionaire on the list so far in 2017.